Illinois Tool Works (ITW) Now Covered by Bank of America

Analysts at Bank of America began coverage on shares of Illinois Tool Works (NYSE:ITW) in a research note issued on Monday. The brokerage set a “buy” rating and a $190.00 price target on the industrial products company’s stock. Bank of America’s target price points to a potential upside of 15.94% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Argus reaffirmed a “buy” rating and set a $180.00 price target (up previously from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. Citigroup reaffirmed a “buy” rating and set a $171.00 price target (up previously from $162.00) on shares of Illinois Tool Works in a research note on Monday, October 9th. Morgan Stanley lifted their price target on Illinois Tool Works from $147.00 to $151.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. Wells Fargo & Company set a $170.00 price target on Illinois Tool Works and gave the stock a “buy” rating in a research note on Monday, October 16th. They noted that the move was a valuation call. Finally, BidaskClub lowered Illinois Tool Works from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. Illinois Tool Works currently has an average rating of “Hold” and an average target price of $164.38.

Shares of Illinois Tool Works (ITW) opened at $163.88 on Monday. The stock has a market capitalization of $56,150.00, a price-to-earnings ratio of 26.43, a P/E/G ratio of 2.49 and a beta of 1.18. Illinois Tool Works has a 52 week low of $120.06 and a 52 week high of $169.69. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.20. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.50 earnings per share. equities analysts expect that Illinois Tool Works will post 6.7 EPS for the current fiscal year.

In other news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Norman D. Jr. Finch acquired 4,986 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The stock was bought at an average price of $156.34 per share, for a total transaction of $779,511.24. Following the acquisition, the vice president now owns 4,371 shares of the company’s stock, valued at approximately $683,362.14. The disclosure for this purchase can be found here. In the last quarter, insiders sold 221,324 shares of company stock worth $35,645,914. Company insiders own 0.90% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ITW. BlackRock Inc. increased its holdings in Illinois Tool Works by 1,661.3% during the 1st quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after purchasing an additional 18,221,359 shares during the period. Janus Henderson Group PLC increased its holdings in Illinois Tool Works by 2,939.8% during the 2nd quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock valued at $537,498,000 after purchasing an additional 3,628,722 shares during the period. Vaughan David Investments Inc. IL increased its holdings in Illinois Tool Works by 34,278.6% during the 3rd quarter. Vaughan David Investments Inc. IL now owns 939,568 shares of the industrial products company’s stock valued at $35,779,000 after purchasing an additional 936,835 shares during the period. Koch Industries Inc. increased its holdings in Illinois Tool Works by 31,484.3% during the 2nd quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock valued at $763,000 after purchasing an additional 765,699 shares during the period. Finally, Parametric Portfolio Associates LLC increased its holdings in Illinois Tool Works by 100.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock valued at $201,869,000 after purchasing an additional 707,287 shares during the period. Hedge funds and other institutional investors own 74.83% of the company’s stock.

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About Illinois Tool Works

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.